Money Man Martin Lewis Breaks Down Barclaycard's New Repayment Rules | This Morning
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- Опубликовано: 29 апр 2024
- Martin Lewis is here with his unmissable money advice. He’s warning Barclaycard customers about a change in repayments which could see you paying off debt for YEARS longer. Plus, he’ll be taking calls from viewers at home in need of some financial advice.
Broadcast on 30/04/2024
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There is a much more simple solution - if you can’t pay off your balance within 2 months maximum, don’t use your card. Credit cards along with cars that people really can’t afford, just keep so many people in a life of perpetual debt.
Or just get a 0% and pay it off before the term ends.
@@MrJeffHead you do realise if you only pay the minimum, you aren’t going to pay it off before it ends? 0% is helpful when you need to budget for things. If you plan it right you can easily pay it off well before the end date and pay no interest.
@@JJJJJ269 i pay no interest anyway. Why would you not take advantage of 0% i put a few grand on a credit card about 4 years ago and haven't paid any interest at all. Each time its coming to an end i just clear it with a new card. That few grand instead of purchaing goods / paying off the card has been put to work in the stock market and gave me fantastic returns. Well over doubled my money.
It definitely is a balancing act. Some people will get themselves into irresponsible debt. However depending on your situation, sometimes you need to explore credit to afford some things which is unfortunate and a failure of other systems (like Welfare, wage increases etc).
There are companies literally built on giving people "responsible access to credit" - and it could be argued that it isn't a positive thing that those companies exist and the issues should be tackled in other ways.
Easier said than done. People need to eat and pay bills. Wages are stagnant and costs are going up.
Are you really suggesting people, just stop paying for their water, electricity or even stop eating?
This argument only works when things are fine, they are anything but.
Personal accountability only goes so far in an economic situation like we find ourselves in.
This is a structural issue, and forcing people to go without necessities isn’t a solution, for the short or long term
If people don’t understand or know this , they should not be let anywhere a credit card.
Take another balance transfer offer from other credit card providers.
Just don't have a card, I know it's easy to say that and circumstances differ person to person. 18 months ago I started clearing up my finances with the impending cost of living rises in my mind..it has paid off for me. I don't have car finance now, just run my 12 plate car and pay the bills as they come and a lot happier for that..just mortgage payments to deal with now
Try getting a mortgage without a credit history.
Your situation is for a few people in a thousand, not a normal person/ position.
You need a credit history if you want to do anything in life like buy a house
Quite sinister for Barclaycard to post out to you when you turn 18. I didn't give them my details, not cool.
Nothing to stop you setting up a standing order to overpay or increase it.
Absolutely.
Barclaycard allows you to do this on the website .
The only thing poor people ask is
'How much a month'
Sad but true
My CC is set up by DD to withdraw the balance on the account at the end of each month, no matter what that balance is, so basically is just 0% credit for up to one month at a time, which is handy. But if I could not be sure I would be able to clear the balance at the end of each month, then I'd not be using the CC at all. My only real outstanding debt, is my mortgage. Don't buy things you can't afford, and you'll never get into debt.
The problem is companies now only keep recordings for 3 months and keep complaints open for longer
Who needs child benefit if you're on £80k?
Martin for prime minister
I would vote for him
Martin is a fraud he's part of the Westminster club and the sooner people realise that the better off they'll be we are an insolvent country this is by design first you need to hold real assets to protect your purchasing power don't ask me ask Martin don't expect an answer from him
@@mrhaf84I have forgot to mention that we are going to witness another banking crisis it's your choice but I wouldn't leave any cash in the bank I only keep enough to cover direct debit payments and nothing else he's advised people to put cash in high interest accounts in a currency that's lossing 10 percent a year in purchasing power he's encouraging people to loose 5 percent year over year here is my tip you need to do your own research on this gold or silver bullion coins and bars these assets don't pay any interest but it maintains you're purchasing power gold is appreciating 10 compound year over year it's all about return of capital as it is about a return on capital second thing to note is your cash in the bank is now their cash not yours in affect you are an unsercurred lender to the bank and the dod Frank act of 2008 allows them to use your cash as if it was their own cash they can give you shares in return for this cash perfectly legal and give you a bond you are going to say that the government has insured balances up to 85 thousand pounds and you are right to assume that the problem comes when they need to make everyone whole
So many people switching to Nationwide
I pay more into my pension to qualify for child benefit.
Which comes out of tax payers.. great.. ffs
@@XORTIONnot really, they will have paid far more in income tax anyway. So they will be getting a bit of their own tax back.
@@roycowper what if self employed
I feel that the government should exercise more control over minimum repayments. Barclaycard's move is nothing other than a grab for interest payments from those who have been given too much credit. And that's immoral.
P.S. I pay off my cards in full, each month and will advise my niblings to do the same.
What if you always pay the last statement balance?
Paying only the minimum is never a good idea, regardless of the amount. He's talking as if Barclays are making people pay more. These people are already choosing to pay only the minimum and so can't expect to clear it quickly without paying a large amount of interest.
love martin
The idea that it would take 10-20 years to pay back £1000 is crazy to me. You're going to be paying for those purchases long after they've passed their usable life. Your monthly payments need to be as much as you can afford, not the minimum the bank will allow.
why not just pay dbl the min payment, then you will cover the debt no probs
That kinda sounds fair. If you double the repayment term then you double the interest. Why is that wrong. £700 x 2 = £1400. Yes I know it’s £1600 but ur doubling the repayment time plus 5 months.
The £50k answer was a bit messy. Basically you want to put as much as you can into tax free savings, and ISA's and Premium Bonds are the two most commonly used methods. You're limited to putting £20k each tax year into ISA's and can only have up £50k in Premium Bonds. So you could put £20k into one or more ISA's and £30k into Premium Bonds - unless you've already used up some of your ISA allowance this tax year and/or already have some Premium Bonds. ISA's pay a rate or return (an interest rate in the case of Cash ISA's) and Premium Bonds is a prize draw.
All true, although he was suggesting that before premium bonds, the best option (after Cash ISA) would be a normal savings account which can go over 5%.
Now although this would be taxable, if the person has no other savings then they can use the full Personal Savings Allowance, which is up to £1k per year (approx £20k saved at 5% for a year).
This would be better for typical luck than premium bonds, which although untaxed for a larger limit, have a median of less than 4%.
Mind you, we know he was simplifying for the sake of expedience since neither stocks & shares ISAs nor Regular Saver accounts (paying up to 7%) were mentioned. Focusing on Cash ISA > Normal Savings > Premium Bonds gives a good overview of the first available solution.
This sounds really weird “ don’t spend money you haven’t earned yet”🤷🏼
You can renagshate your debt the megga Ritch and companies nagoate debt every day
GEEZUS.
You don’t him to tell you this you can find it yourself on the internet
disgusting that people earning 80 k. so you are talking about people in the top 5 percent of earners, are claiming ANY SORT of benefit.
LOWER the child benefit threshold. make is say 30k, and then double the payments for those that actually need it
This guy is so interested in proving how clever he is, he misses the point completely - ie using credit cards to borrow money IS THE MOST EXPENSIVE WAY TO BORROW AND YOU SHOULD NEVER DO IT - always pay off the full balance or don't have one at all. If you want a loan shop around the banks and get the lowest APR you can
Banks are insolvent no deals no deposits and no loans bank failures ahead
Disagree. He's been campaigning for decades to protect the most financially vulnerable, which includes those struggling to meet minimum payments on debts, because they don't have the privilege to "shop around" for their financing.
They are also by definition not financially savvy. They are unlikely to have strong credit reports. And they obviously have outstanding debts. What bank would hand out a sizeable and cheap unsecured personal loan to such a person?
He's also well aware that if you can, you always should pay off in full (as goes his famous phrase) and even mentions this at 4:02 "You're able to pay off in full - which is of course the perfect one and you pay no interest". This advice is clearly not for those people.
He's out there helping countless people every day, and has been doing for decades. He doesn't need to prove how clever he is. He's busy using it for good.